II. Match the following:

1. Check drawn by a financial institution on itself and then sold to a person who signs it at the time of issue and again at the time of use.

2. Party directed by the drawer to pay a draft.

3. One who executes a promissory note or a certificate of deposit.

4. Unconditional written promise by one party to pay a certain sum of money to the order of another person or to the bearer on demand or at a definite future time.

5. One who executes a draft.

5. Special form of draft by which a depositor orders his or her bank to pay money to a third party.

5. Party to whom a promissory note or other commercial paper is payable.

6. An unconditional written order or promise to pay money.

7. Drawee's promise to pay a draft when due.

8. To pay an instrument when due.

A. acceptance

B. cashier's check

C. check

D. commercial paper

E. drawee

F. drawer

G. to honor H. maker

I. payee

J. promissory note

III. Translate the following into Russian:

Important Points

1. Commercial paper was developed hundreds of years ago to serve as a safer, more convenient substitute for precious metals and currency.

2. There are four important types of commercial paper: (a) drafts, (b) checks (a special type of draft), (c) promissory notes, and (d) certificates of deposit.

3. In general, drafts are unconditional orders to another party to pay a certain sum of money on demand or at a definite future time. Checks, a special type of draft, are unconditional orders to a bank to pay a certain sum of money on demand. Initially three parties are involved in drafts and checks: the drawer, who gives the order to pay; the drawee, who gets the order; and the payee, to whom payment is to be made.

4. A check differs from other types of drafts in that:

a. the drawee of a check is always a bank,

b. a check is drawn against funds the drawer has on deposit in the bank, and

c. a check is always payable on demand.

5. Promissory notes and certificates of deposit are unconditional promises to pay a certain sum of money on demand or at a definite future time. Initially two parties are involved; the maker, who promises to pay; and the payee, to whom payment is promised.

Various forms of checks and drafts have been devised for special purposes. These forms include (a) certified checks, (b) cashier's checks, (c) bank drafts, (d) money orders, and (e) traveller's checks.

IV. Read the letter and translate the phrases below:

Alpha Bank REF. NO...

CIF

Partial Shipment allowed Transhipment allowed

Shipment from Russian Sea Port to Liverpool

Not later than...

Dear Sir(s),

We hereby issue in your favour this Irrevocable Docu­mentary Credit as per details stated above, available by negotiation of your drafts at sight drawn on the appli­cant /.../ for full invoice value of shipment purporting to be SOOOOkgs of ... accompanied by the following signed documents... .

1. не позднее чем;

2. в вашу пользу;

3. согласно подробностям (реквизитам);

4. путем оплаты;

5. выставленных на апликанта;

6. на полную стоимость счета-фактуры;

7. в сопровождении следующих подписанных до­кументов.